2021 HSA contribution limits have been announced
2021 HSA contribution limits
The IRS announced an increase in health savings account (HSA) contribution limits for the 2021 tax year. Here is what you need to know about the HSA contribution limits for the 2021 calendar year:
- An individual with coverage under a qualifying high-deductible health plan (deductible not less than $1,400) can contribute up to $3,600 — up $50 from 2020 — for the year to their HSA. The maximum out-of-pocket has been capped at $7,000.
- An individual with family coverage under a qualifying high-deductible health plan (deductible not less than $2,800) can contribute up to $7,200 — up $100 from 2020 — for the year. The maximum out-of-pocket has been capped at $14,000.
And remember, if you are age 55 or older, you can contribute an additional catch-up contribution of $1,000 per year. If your spouse is also 55 or older, he or she may establish a separate HSA and make a “catch-up” contribution to that account.* Visit our HSA contribution page to learn more.
There’s still time to save on taxes
If you have not yet contributed the 2021 maximum to your HSA, you have until the tax filing deadline (typically April 15) to do so. Be sure to take full advantage of your HSA tax benefits.
At Optum Bank, we strive to communicate the important regulatory and legislative changes as soon as possible to ensure you're armed with critical information that impacts you and your health accounts.
*While a married couple under a family qualified high deductible health plan share one family HSA contribution limit, they can contribute up to that shared limit in separate accounts and, if both are age 55 or older, each can make a separate $1,000 catch-up contribution to an account in their own name.